Nestlé, the packaged food giant, announced on Thursday its plans to cut 16,000 jobs over the next two years as part of a cost reduction strategy to accelerate its business turnaround. This reduction represents about 6% of Nestlé’s global workforce of 277,000 employees.
In addition to the job cuts, Nestlé also increased its cost savings target to trim 3 billion Swiss francs, or $3.8 billion, in expenses by the end of 2027. These efforts are part of the company’s goal to streamline operations and improve efficiency.
The decision to cut jobs and reduce costs is indicative of the company’s new CEO, Philipp Navratil’s, plans to continue the efforts initiated by his predecessor to reshape Nestlé’s business. Navratil emphasized the need for the company to change faster and become more agile in decision-making.
During a call with investors, Navratil acknowledged that Nestlé has not been the most efficient company in the past and outlined plans to prioritize automation to enable faster decision-making processes. The job cuts will include 12,000 corporate workers across functions and geographies, as well as 4,000 people from staffing reductions in manufacturing and supply chain.
Navratil stressed the importance of creating a performance culture within the company, where employees and leaders are measured on key performance indicators. He highlighted the need to retain high-performing individuals while making tough decisions about those who do not meet expectations.
Before Navratil took over as CEO in September, his predecessor Laurent Freixe was fired following an undisclosed romantic relationship with a direct subordinate. Freixe’s departure marked the third CEO change at Nestlé in just over a year.
In the call with investors, Navratil reiterated the company’s commitment to the turnaround plan initiated by Freixe, emphasizing the need for increased marketing and investment to drive growth in individual businesses. Nestlé is also considering selling some of its vitamin brands and evaluating the future of its water business as part of a portfolio review.
Despite challenges such as consumer spending declines and rising costs, Nestlé posted an improvement in its growth rate in the third quarter. The company is focused on adapting to changing consumer preferences and becoming more agile in its operations.
Overall, Nestlé’s restructuring efforts and cost-saving measures are aimed at positioning the company for long-term success in a competitive market. With a new leadership team in place, Nestlé is working towards a more efficient and agile business model to drive growth and profitability. The Importance of Time Management in Achieving Success
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